WA bill would increase real estate taxes to fund affordable housing
A bill called the Affordable Homes Act making its way through the Washington state Legislature could raise nearly $288 million by 2026 to build more affordable housing, according to its supporters.
House Bill 1628 would increase the real estate excise tax by 1% on the sale of properties of more than $5 million. That works out to 1 cent per dollar on all real estate sales over $5 million, in addition to the real estate excise taxes that are already in place.
The bill is in the House Finance Committee and hasn't reached the House floor or Senate, but it is exempt from legislative deadlines facing most other bills because it pertains to the budget. The bill will remain alive as long as the legislative session is in process, which is through April 23.
The state currently imposes a graduated real estate excise tax on the sale of property, with the exception of timberland and agricultural land.
https://www.bizjournals.com/seattle/news/2023/04/13/affordable-homes-real-estate-tax.html